Equity Bank Registers Increase In Pre-Tax Profit

Kenya | Country Risk | Wed May 08, 2013

News: Kenya's Equity Bank recorded an increase of 21% in its pre-tax profit to KES4.5bn (US$53.8mn) in Q113. This is attributed to an increase in net interest income and a reduction in operating costs, according to the bank. It also registered a 21% rise in net interest income to KES6.87bn (US$81mn) in the reported period, according to CEO James Mwangi. Meanwhile, the bank's costs-to-income ratio posted a fall of 49.9% in Q113, compared with 50.9% in the same period a year ago.

Equity Bank Registers Increase In Pre-Tax Profit

Kenya | Country Risk | Wed May 08, 2013

News: Kenya's Equity Bank recorded an increase of 21% in its pre-tax profit to KES4.5bn (US$53.8mn) in Q113. This is attributed to an increase in net interest income and a reduction in operating costs, according to the bank. It also registered a 21% rise in net interest income to KES6.87bn (US$81mn) in the reported period, according to CEO James Mwangi. Meanwhile, the bank's costs-to-income ratio posted a fall of 49.9% in Q113, compared with 50.9% in the same period a year ago.